The Saks £1.8 Billion Sale

SAKS FIFTH AVENUE has been bought by Hudson's Bay Company, the parent company of luxury Canadian store chain Lord & Taylor. The deal has been valued at $2.9 billion (£1.8 billion).

Shares of Saks have already risen 3.4 per cent to $15.83 (£10.32) on Wall Street. The sale will see the American chain enter Canada for the first time - WWD reports that the company could open up to seven new stores, as well as 25 of its Off-5th discount shops.

Saks currently operates mainly in the US, although also has stores in Saudi Arabia, the United Arab Emirates and in Mexico. There are also plans to bring the chain to Puerto Rico, scheduled to open in 2014.